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If you are a taxi, minicab or private hire driver, you know that your insurance needs are very different to normal drivers and the policy that suits a black cab driver in London will not necessarily suit someone who drives a minibus in Manchester. It is now possible to spread payments for policies by paying monthly or quarterly as well as annually, and discounts are often available for drivers with lower than average mileages or fleet operators who run two or more vehicles, whether these are saloons, minibuses or coaches and options are available to take fully comprehensive cover, third party fire and theft, or third party only. Cover is usually limited to drivers over 21 years of age, and under 70. There are a number of specialist brokers who handle taxi business only, and they usually have a panel of insurers that they can search through in order to find the lowest quotation that suits your own individual requirements.
If you own or drive a taxi, you should know that the insurance you need is much different than a regular driverís. Taxi insurance not only protects your passengers and other drivers on the road, but also covers your income in case it is affected by your business. This insurance is a basic part of a taxi business and you cannot operate without it. Tax insurance is for both private and public hire and form of legal requirement to be legal while driving on the roads.
Liability coverage is the part of the taxi policy that covers any damage you may possibly do to others while you are driving. This does include damage done to other cars as well as personal injury. With a taxi, you must have this coverage and meet the minimum limits. You are also required to have insurance for the passengers you have in your care.
Common policies to consider for taxi insurance are:
1. Breakdown and Assistance. This will help when your vehicle breaks down. This includes repair and towing. It is part of a policy that taxi drivers do not need to be without.
2. Theft and Fire. This is the minimum you want for the taxi; it protects against; well; theft and fire.
3. Legal expenses. There are times when drivers have disputes with passengers or other drivers as well as the sort of day to day disagreements we all have. This coverage will take care of documents, court, and legal representation.
4. Loss of income. There may be a time when you cannot drive your taxi because of theft or repair. This part of the coverage will protect your income and reimburse you for lost income while not driving.
5. Windshield and glass. Many times, weather can put strain on a taxi; possible damage to windshields and windows. The coverage will keep them both in good condition for safe driving.
Because of the amount of risk with driving a taxi, insurance can get very expensive and there are ways to keep the cost down. If you can choose to have a larger excess, then a lower premium will be required. If you have other drivers working for you, it can be less expensive if you put them on the policy as named drivers instead of having the policy as an Ďany driverí policy. The important thing is: look for specialist insurers rather than 'run-of-the-mill' car insurers or brokers.